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> One thing that Lincoln Electric, which is a famous manufacturer of arc welding equipment, did well is instead of laying off 10% of their workforce, they had e
by terminatornet 4y ago
> One thing that Lincoln Electric, which is a famous manufacturer of arc welding equipment, did well is instead of laying off 10% of their workforce, they had everybody take a 10% wage cut except for senior management, which took a larger cut. So instead of giving 100% of the pain to 10% of the people, they give 100% of the people 10% of the pain.
anyone have any other examples like this where a company avoided layoffs with temporary pay cuts?
- detaro 4y agoNot quite the same, but for temporary problems there is a mechanism in Germany (and I think Austria and Switzerland too) where a company can cut working hours (and salary to match) and some of the difference gets paid by social security as kind-of "unemployment benefits". Was used quite a bit when COVID hit.